MLC MasterKey has lock on top spot
Alan Kenny
MLC’s MasterKey platform has again emerged as the number one platform in terms of funds under administration (FUA), while Colonial First State’s (CFS’s) FirstChoice wholesale platform placed number one in terms of cash flow in Money Management’s 2008 Top 50 Platforms survey.
MLC’s MasterKey retained its mantle for the fourth year in a row with $40,670.58 million in FUA. Colonial First State similarly held its number one position in terms of cash flows for the second year running with $6,118.28 million.
MLC general manager of platforms Anthony Waldron said one of the key aspects of running a successful platform business was consulting with financial advisers.
“Advisers are crucial in deciding the direction of our platform. The adviser is the one who has the relationship with the customer and is the one who understands their needs,” he said.
“Ensuring that an adviser’s business is as efficient and robust as possible is a main priority.”
Waldron added that with fees becoming a bigger issue, it was important to provide discounts and rebates to customers.
“We have a philosophical stance that we do not accept or pay shelf space fees or the like from fund managers. Instead, we negotiate the best price we can for the end investor,” he said.
“Advisers using the MLC platforms understand that this is all about being transparent and aiming to achieve the best possible outcome for their clients.”
As top platform in terms of cash flow, CFS also had a stellar year. Not only did it top Money Management’s survey, but according to the 2008 Wealth Insights Service Level Survey, FirstChoice led all other platforms in three different categories: service, value for money and planner usage.
CFS product and investment services general manager Alan Kenny attributed CFS’s market leading position to the usability of its platforms.
“Our target market is advisers and at FirstChoice we keep simplicity at the core of how we manage and develop the platform, whether it’s our administration, product features or our adviser website, FirstNet,” he said.
“Our clients are very clear on what they want — value for money, something that is true to the label and does what it says it will do.”
AUTHOR
Mike Taylor
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
